The Other McCain

"One should either write ruthlessly what one believes to be the truth, or else shut up." — Arthur Koestler

Hate to Say I Told You So, But …

Posted on | August 8, 2011 | 12 Comments

You should have listened to Glenn Beck!

Bullion strikes record above
$1,700 on S&P downgrade

By Lewa Pardomuen/REUTERS
Bullion roared to record highs above $1,700 an ounce on Monday as an unprecedented downgrade to the U.S. credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar.
Both U.S. gold futures and cash gold could rise further if pledges by the Group of Seven nations to support battered financial markets fail to bear fruit as investors turn their attention to the Federal Reserve’s policy-setting committee, the FOMC, meeting on Tuesday.
The one notch downgrade by Standard & Poor’s of the U.S. long-term rating on Friday added to the threat of contagion from the euro debt crisis, fears over recession in the United States and even the possibility of a third round of U.S. quantitative easing.
Spot gold touched a lifetime high around $1,702 an ounce, its 11th record in 19 sessions — lifting the price of silver by more than 5 percent. The U.S. December gold contract earlier hit a record about $1,704 an ounce.

Remember: On May 20, 2010, the first time I mentioned Rep. Anthony Weiner’s attack on Glenn Beck for promoting gold sales, the price was $1,192.60 per ounce. Your investment in gold on that day would have yielded a 42% profit in less than 15 months.

Yet every time gold hits a new high and I say, “You should have listened to Glenn Beck,” somebody always says in the comments that the price has already peaked. But gold just keeps going up, up, up, doesn’t it?



12 Responses to “Hate to Say I Told You So, But …”

  1. Beto Ochoa
    August 8th, 2011 @ 11:30 am

    Gold and silver are under valued right now.
    Silver is the way to go if you’re getting started.
    The best way to buy silver is bulk 90% coins. Dimes, quarters and half dollars.

  2. Bob Belvedere
    August 8th, 2011 @ 12:16 pm

    Guns, ammo, food, and anything worth bartering are the best investments.

  3. ThePaganTemple
    August 8th, 2011 @ 2:10 pm

    I’m afraid this is going to end up being just another bubble for people to lose their asses in when it busts. There was a gold bubble once before, I think back in the seventies. Maybe it was during the Carter years, I don’t know, but there were some people who were accused of cornering the gold market and artificially inflating its value. Anything like this should be approached with caution and serious research. Nothing goes up forever. Eventually, it will have to come down some.

  4. AngelaTC
    August 8th, 2011 @ 2:48 pm

    The Carter years were a cakewalk compared to the perfect storm in front of us.  If the government takes Greenspan’s advice to print our way from under the debt, gold won’t be coming down.  

  5. ThePaganTemple
    August 8th, 2011 @ 3:13 pm

    Any government official that seriously considers printing more money to get out of debt ought to be lined up and shot. Not in the heart, not in the head, but straight in the crotch, and just left there to bleed out. No trial should be required.

  6. Anonymous
    August 8th, 2011 @ 3:19 pm

    Gold may be reaching record highs, but arugula and skittles futures are creashing.

  7. Anonymous
    August 8th, 2011 @ 5:13 pm

    You’re thinking of the Hunt brothers, who tried to corner the silver market in the 1980s.

  8. ThePaganTemple
    August 8th, 2011 @ 5:24 pm

    You might be right. I thought there was something similar involving gold, but maybe not.

  9. Beto Ochoa
    August 8th, 2011 @ 6:50 pm

    Yes, yes. Scalps. Scalps are good.

  10. Anonymous
    August 8th, 2011 @ 8:07 pm

    Indeed a good time to invest in PPE.

  11. Charles
    August 8th, 2011 @ 8:26 pm

    Amazing how the Invest in Gold, Get Your Free Investors Kit ad from Pinnacle Gold Group magically appears. Just remember to buy your gold from so that TOM gets an affiliate commission.

  12. Anonymous
    August 8th, 2011 @ 10:02 pm

    I like the cut of your jib, sir!